One of Toronto’s biggest malls is getting a lavish makeover.
Cadillac Fairview (CF) and TD Greystone are teaming up to give Fairview Mall a much-needed upgrade worth an estimated $80 million. Not only will the retail space get a facelift, but it’ll also get a number of new additions. This includes new retail brands, a row of new restaurant offerings, and improved pedestrian access between the mall and Don Mills subway station.
The renovation of the North York shopping centre will cover 230,000 sq. feet. Construction is expected to begin this month, but won’t be fully completed until 2023.
That’s because, on top of redeveloping the mall, CF and TD Greystone are in talks with the City of Toronto to potentially rezone the surrounding area. New developments may include residential units, office spaces, and hotels, a press release noted.
“This area is undergoing many changes which reflect peoples’ desire to work, live, shop and dine in a dynamic, transit-connected mixed-use community,” said Wayne Barwise, CF executive vice president of development, in a statement. “Our redevelopment plan is about diversifying CF Fairview Mall and the surrounding land so we can continue to offer a vibrant destination for people to come together and enjoy.”
Last year, Fairview Mall received $10 million to create extra seating and new restaurants in its food court. This additional $80-million investment means the shopping centre can makeover its entire space.
Fairview Mall is one of the busiest shopping centres in Toronto, drawing an estimated 13 million visitors per year. But it’s not the only mall in the city that’s expected to see new developments in the near future.
Earlier this month, the City of Toronto announced plans to build a new neighbourhood on Yorkdale Shopping Centre’s above-ground parking lot. The proposed plans include 1,500 residential units, as well as office spaces, hotels, and greenery.